Watauga County Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 30, 1937
Location: Boone, North Carolina (36.217, -81.675)

Metadata

Model: gpt-5-mini
Short Digest: 3cdd1be2

Response Measures

None

Description

Article (The Skyland Post, 1937-07-08) reports Watauga County Bank of Boone ceased actively to operate at closing time as part of a consolidation creating the Northwestern Bank that will operate branches in the towns listed. No run is mentioned; this is a voluntary consolidation/closure of the bank as an independent institution.

Events (1)

1. June 30, 1937 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank ceased active operations as part of a state‑authorized consolidation into the newly formed Northwestern Bank (opening July 1).
Newspaper Excerpt: At the closing time for bank operations today the following banking institutions ceased actively to operate: ... Watauga County bank of Boone and branch at Blowing Rock;
Source: newspapers

Newspaper Articles (1)

1. July 8, 1937 The Skyland Post West Jefferson, NC

Article from The Skyland Post, July 8, 1937

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Article Text

Business Is Begun With Resources of 3 Million Dollars. NORTH WILKESBORO, June 30. -License No. 215, signed by Governor Clyde R. Hoey and Gurney P. Hood, commissioner of banks, authorizing the Northwestern bank to open for banking operations on Thursday, July 1, was delivevred to L. L. Aycock, secretary of the Northwester bank, this morning, by Hood in person. Accompanying Hood to North Wilkesboro Tuesday, were 14 State bank examiners, who today were assigned to the four banks and two branches composing the consolidation, for completing all necessary details in connection with such work. DISCUSS CONSOLIDATION. Tuesday evening, the examiners, together with Commissioner Hood, Carbis Walker, C. P. A. of WinstonSalem, and John G. Allen, representing the State banking department, discussed the manner of consolidation, the composition of various schedules, and other relative items. At the closing time for bank operations today the following banking institutions ceased actively to operate: Merchants and Farmers bank of Bakersville, and branch at Burnsville; Watauga County bank of Boone and branch at Blowing Rock; Deposit and Savings bank of North Wilkesboro, and Bank of Sparta of Sparta. The Northwestern bank will have headquarters here in the banking quarters heretofore occupied by the Deposit and Savings bank. The Northwestern bank will operate branches in all of the towns listed above. $3,000,000 RESOURCES. The bank begins business with a paid in common capital stock of $150,000, surplus $75,000, undivided profits of $25,000, and with total resources of approximately $3,000,000. The officers are, President, R. A. Doughton of Sparta; executive vice president, Edwin Duncan of Sparta; chairman of the board, R. L. Doughton of Laurel Springs; vice president, C. C. Hunter of Bakersville, secretary, L. L. Aycock of North Wilkesboro. The board of directors is composed as follows: W. C. Berry of Bakersville, P. A. Coffey of Boone, R. L. Doughton of Laurel Springs, W. D. Farthing of Boone, G. W. Greene of Toecane, M. A. Higgins of Ennice, John C. McBee, Sr., of Spruce Pine, W. W. Mast of Valle Crucis, J. T. Prevette of Wilkesboro,M. E. Reeves of Laurel Springs, N. B. Smithey of North Wilkesboro.